Crude oil output exceeds target by 23% in four months

The Vietnam Oil and Gas Group (PetroVietnam) has reported that its crude oil output reached 3.63 million tonnes in the first four months of this year, surpassing the set target by 23%.

The group’s revenue in the period was estimated at VND292.6 trillion (US$12.74 billion), up 62% on-year and exceeding the goal by 62%.

It contributed some VND41.8 trillion to the State budget, surpassing its target by 73%, and increasing by 48% from the same period last year.

Foreseeing upcoming challenges from world economy instabilities, domestic and foreign markets, and geopolitical issues, President and CEO of PetroVietnam Le Manh Hung said the group will continue updating, evaluating and forecasting the macro-economic situation to adjust its management plan, particularly regarding supply-demand, price instability, and inflationary waves.

PetroVietnam will keep its targets of growth, production output, and oil extraction; while capitalising on processed products to take advantage of market opportunities, he noted.